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                                                                     Exhibit 11


                    CALCULATION OF PRIMARY EARNINGS PER SHARE
            (DOLLARS IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)



<TABLE>
<CAPTION>


                                                         Three months ended                                   Nine months ended
                                                             December 31,                                         December 31,


                                              1996                        1995                            1996                  1995
                                              ----                        ----                            ----                  ----
<S>                                           <C>                   <C>                             <C>                   <C>       
Weighted average common shares
and common share equivalents
outstanding                                   22,982,606            23,108,433                      23,037,580            23,156,263

Net income                                        $5,625                $4,089                         $16,309               $17,610

Earnings per share - primary and
fully diluted                                       $.24                  $.18                            $.71                  $.76

</TABLE>

